Housing prices have
tremendously appreciated year-over-year and have surpassed all
median home prices for the County since 2008, closing out 2013
at five-year highs. January 2014’s median price is $550,000, a
slight decline of $20,000 since December 2013 but a $90,000 increase
compared to the previous January.

Average apartment rents for Orange County have spiked with housing price growth,
typically $60 more on average for 2013 each month compared to
the previous year’s equivalent average. Average rental rates for
Orange County made a recovery in January 2014, rising to an average
of $1,714 (an increase of $2 versus December 2013).

The number of residential building permits in Orange County spiked drastically
in April 2011, before regressing back to average 2010 numbers
in July 2011. 2012 was overall a healthier period for housing
permits, with relatively sustained growth throughout the year
and carrying momentum into May 2013. After the large spike in
building permits for July in Orange County, the following three
months in 2013 has brought permits to more moderate levels. December
2013 saw 1,172 total permits for Orange County – a large spike
and the second month in 2013 to surpass 1,000 active permits in
the county. Unlike previous months, Irvine comprised a relatively
small 16 of the total permits active, while Tustin comprised over
45 percent.

This indicator shows the average apartment rent for major Orange County
cities and for the county average as a whole. The county average as a whole
is not the average of the seven cities shown in this chart but for all the
cities in Orange County.